Company to operate the hotel and oversee $500,000 improvement plan to The Lookout, Tuscaloosa’s Only Rooftop Bar.
TUSCALOOSA, ALA. – Banyan Investment Group, an Inc. 5000 recognized hotel investment and management company that acquires and manages select-service hotels in the United States, announced that the company completed the acquisition of the 101-room Hotel Indigo Tuscaloosa Downtown in Ala. The company also will operate the hotel and oversee a $500,000 refurbishment of The Lookout, downtown Tuscaloosa’s only rooftop bar, along with the public areas of the hotel. This marks Banyan Investment Group’s ninth acquisition from its recently launched BIG Hotels LP I, LLC fund.
“We continue to seek hotel acquisition opportunities that meet our strict criteria, namely strong brands in well-established markets with recession-resistant demand generators like universities and hospitals,” said Andy Chopra, founding principal and chief investment officer, Banyan Investment Group. “The recently built, Silver LEED-certified hotel further benefits from its unmatchable location immediately off the Tuscaloosa Riverwalk with direct views of the Tuscaloosa Amphitheater, the largest outdoor music venue in West Alabama. Following the completion of the nearly half-million-dollar refurbishment of the Lookout rooftop bar, along with improvements made to hotel public areas, we fully expect the hotel to increase its bottom-line profitability with the goal of the exceeding yield expectations for our investors.”
Hotel Indigo Tuscaloosa Downtown
Situated at 111 Greensboro Avenue in downtown Tuscaloosa directly overlooking the Black Warrior River, the five-floor hotel is proximate to the Tuscaloosa Riverwalk, a 4.5-mile paved trail for bikers, walkers and runners. Also, the hotel is near the University of Alabama, Bryce Hospital and DCH Regional Medical Center. Guest rooms feature walk-in showers, hardwood floors, complimentary Internet access and oversized work desk. Additional hotel amenities include a state-of-the-art business center, 24/7 fitness center, 2,530 square feet of meeting space, as well as multiple food & beverage options. The Shoals Bar & Kitchen, a full-service restaurant offering American-style food with Southern flair, serves breakfast and dinner daily. The Lookout is downtown Tuscaloosa’s only rooftop bar and serves a variety of small plates and desserts, as well as a full selection of craft beers and specialty libations.
Banyan Investment Group
With offices in Florida and Georgia, Banyan Investment Group is a hotel investment and management company that acquires and manages select-service hotels in the United States. The company has been listed as an Inc. 5000 member for the past seven, consecutive years. The company utilizes conservative forecasting, combined with a clear understanding of calculated risk taking, to make optimal investments with an overarching goal of exceeding stakeholder expectations of investment returns.